Two Italian Insurers Upgraded Following Sovereign Upgrade; Italian Insurance Sector Risk Assessment Up To Intermediate

On Oct. 27, 2017, we raised our unsolicited sovereign credit ratings on Italy to 'BBB/A-2' from 'BBB-/A-3' on strengthening economic growth. The Italian insurance sector is set to benefit from the improved economic conditions and reduced credit risk associated with Italian sovereign bonds. It is also gradually reducing its high concentration to domestic sovereign bonds while maintaining good profitability. As a result, we are revising up to intermediate from moderate our assessment of industry and country risk for the Italian life and property/casualty sectors. We are also raising our ratings on two Italian insurers whose ratings are constrained by that on the sovereign. MILAN (S&P Global Ratings) Oct. 31, 2017--S&P Global Ratings today raised its long-term counterparty credit and insurer

...+ On Oct. 27, 2017, we raised our unsolicited sovereign credit ratings on Italy to '###/A-2' from '###-/A-3' on strengthening economic growth. + The Italian insurance sector is set to benefit from the improved economic conditions and reduced credit risk associated with Italian sovereign bonds. It is also gradually reducing its high concentration to domestic sovereign bonds while maintaining good profitability. + As a result, we are revising up to intermediate from moderate our assessment of industry and country risk for the Italian life and property/casualty sectors. + We are also raising our ratings on two Italian insurers whose ratings are constrained by that on the sovereign. MILAN (S&P Global Ratings) Oct. 31, 2017--S&P Global Ratings today raised its long-term counterparty credit and insurer financial strength ratings on two Italian insurers: + Societa Cattolica di Assicurazione (Cattolica) to '###' from '###-'; and + Allianz SpA to 'A' from 'A-'. The outlooks on these ratings are...

Ratings Action